Astaxanthin Market

Astaxanthin Market by Source (Synthetic and Natural), By Product (Dried Algae Meal or Biomass, Oil, Softgel, Liquid), Application (Food & Beverages, Pharmaceutical & Nutraceuticals, Animal Feed, and Personal Care), and Region (North America, Asia-Pacific, Europe, South America, and the Middle East & Africa) Forecast till 2023 2031

Pharma & Healthcare | June 2022 | Report ID: EMR0020 | Pages: 301

The global astaxanthin market size was valued at USD 1,942.12 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 17.9% from 2023 to 2031.  Due to astaxanthin's special antioxidant characteristics, the global nutraceutical market for encapsulated products has experienced a boom. Astaxanthin is said to have a number of positive health effects and aid in the treatment and prevention of a number of illnesses, including cancer, chronic inflammatory diseases, metabolic syndrome, diabetes, diabetic nephropathy, cardiovascular diseases, gastrointestinal disorders, liver disorders, neurodegenerative disorders, eye disorders, skin disorders, exercise-induced fatigue, male infertility, and renal failure. It is also thought to strengthen immunity. The global astaxanthin market is a member of the xanthophyll family of carotenoids, which are found in marine plants and animals. It is also known as "the king of the carotenoids" and is acknowledged as one of the most powerful astaxanthin substances in nature. The highest concentration of astaxanthin is found in Pacific sockeye salmon, but it is also present in crab, algae, shrimp, krill, red trout, and lobster. Astaxanthin, Haematococcus pluviailis (HP), is used in commercial production and hybrid systems for photoautotrophic cultivation of Haematococcus pluviailis, comprises a photobioreactor (PBR) fence.

COVID-19 Impact Analysis

The global pandemic, COVID-19, has created a crisis the world over. Impacting over 200 countries, the pandemic has already created an economic backdrop worldwide and is likely to create a chaotic environment, resulting in the advent of a global recession. The COVID-19 outbreak has completely changed the lives of people across the globe, with the number of cases rising rapidly every day. The COVID-19 impact across industries is different; amid the constant fear and panic of the pandemic COVID-19, consumers are highly concerned about keeping a check on their health. In the current scenario, though the vaccination rate is steadily increasing across the world, it has become important to boost immunity to fight coronaviruses, along with maintaining hygiene and following all medical advisories that have been laid down.

REPORT SCOPE & SEGMENTATION:

Report Attribute

Details

Projected Market Value (2031)

1942.12 million

Estimated Market Value (2022)

6.95 Billion

Base Year

2022

Forecast Years

2023 - 2031

Growth Rate

CAGR of 17.9% from 2023 to 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Source, product, Application, Region

Segments Covered

By Source, By product, By Application, and Region

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Pricing

Available upon request

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Segment Overview

By Source

  • Synthetic
  • Natural

The natural segment, which held the largest revenue share in 2022, is anticipated to grow at a rapid CAGR (17.9%) during the forecast period owing to advantages such as high efficacy and sustainability. Furthermore, factors such as increased demand for natural food supplements, widespread availability, and higher efficacy when compared to synthetic products are expected to drive segment growth. Moreover, increasing the involvement of key market players, such as NextFerm and Beijing Gingko Group, in the development of innovative products and application expansion can create new market opportunities in the coming years.

By product

  • Dried Algae Meal Or Biomass
  • Oil
  • Softgel
  • Liquid
  • Others

Dried algae meal or biomass dominated the product segment in 2022 with a market share of 26.40%; the use of biomass for the production of other formulations, the necessity of minimal downstream processing, the major use as animal feed, and convenient bulk production are some key factors driving the segment’s growth. Furthermore, AstaPure Arava's new product launches in February 2020 demonstrated the growing demand for algal astaxanthin. These new developments are expected to drive the segment; similarly, in May 2022, Algalif signed an agreement with a start-up company, Marea, to develop a biodegradable coating from leftover algae biomass, where the softgel segment held the second-largest market and is expected to grow at a lucrative rate during the forecast years.

By Application

The major market share of the aquaculture and animal feed segments is accounted for by the extensive use of astaxanthin as a feed additive, an increase in the adoption of these products in the growing aquaculture industry for improving the quality of seafood is contributing to the segment’s significant share in the market. For instance, according to China’s Fishery Reports, China remained the world’s largest seafood producer with a production of 66.49 million metric tons in 2021. Leading players are developing astaxanthin products for animal feed that have medical benefits for instance, in July 2022, AstaReal launched Novasta, an astaxanthin ingredient for animal feed. With this launch, the company expanded its options for health-promoting feed applications.

Major Players Analysis

The global astaxanthin business is primarily characterised by a large number of multinational players. An approximate share of 36% to 41% is held by companies with a global presence. Key manufacturers are targeting their product offerings, especially toward manufacturers operating in the aquaculture and animal feed industries. Additionally, players are also offering astaxanthin for use in the pharmaceutical, food and beverage, and other industries.

  • BASF SE
  • Divi’s Laboratories Ltd.
  • Cyanotech Corporation
  • DSM N.V.
  • Parry Nutraceuticals
  • JXTG Nippon Oil & Energy Corporation
  • Fuji Chemical Industries Co., Ltd.
  • Kunming Biogenic Co., Ltd.
  • Valensa International Global
  • Kailu Ever Brilliance Biotechnology Co. Ltd.
  • Algalif Iceland Ehf.
  • Zhejiang NHU Co., Ltd.
  • Atacama Bio Natural Products S.A., Inc.
  • AstaReal Inc.
  • Fenchem Biotek Ltd.
  • Igene Biotechnology, Inc.
  • BGG (Beijing Gingko Group)
  • Cardax, Inc.
  • Algatechnologies Ltd.
  • Algaecan Biotech Ltd.
  • Otsuka Pharmaceutical Co., Ltd.

The above-mentioned key players have been profiled in the global astaxanthin market report based on numerous parameters that include business strategies, financial overviews, business segments, company overviews, product portfolios, and recent developments have been profiled in the global astaxanthin market report based on numerous parameters that include business strategies, financial overviews, business segments, company overviews, product portfolios, and recent developments.

Regional Analysis

North America is seen as one of the major key market regions for astaxanthin consumption, and the region's growing aquaculture trend has led to an increase in astaxanthin popularity. Countries such as the United States and Mexico have a large consumer base that prefers seafood and animals, which require astaxanthin as an ingredient for processing their functional foods and other dietary supplements for consumers. The aquaculture industry is one of the fastest-growing industries in the region, which indicates growth in the consumption of astaxanthin in the global astaxanthin market.

Key Developments in the Astaxanthin market

  • In 2021, Atacama Bio Natural Products S.A. became exclusive distribution partners with Nexus Wise, a Malaysia-based company, for distributing branded astaxanthin ingredients in countries like Singapore and Malaysia. Nexus Wise supplies ingredients for nutraceutical companies situated in Asia, and this partnership allows the company to introduce its product line, NatAxtin, in the Asian market.
  • In 2021, Shanghai Jahwa United Co., Ltd. and BASF SE agreed to work together to bolster its technology innovation. Through this partnership, the company aims to accelerate product innovation and development while also contributing to the company's progress in China.
  • January 2018: The Algalif, the U.S.-based bulk producer of natural astaxanthin, received a non-GMO certification for its astaxanthin ingredients named Astalif 5% and 10% oleoresin. The company is aiming to offer the highest quality astaxanthin to customers who want to avoid GMOs in their products.
  • July 2017: The Cyanotech Corporation received Halal certification for its raw material, BioAstin SCE 5, from the Islamic Food & Nutrition Council of America (IFANCA). This certification is expected to boost the company's sales in the rapidly growing Southeast Asia region. Moreover, BioAstin is the first astaxanthin product to receive a verification seal from the Natural Algae Astaxanthin Association (NAXA).

Segments Covered in the Report

By Source Type

  • Natural
  • Others
  • Microalgae
  • Krill/Shrimp
  • Yeast
  • Synthetic

By Product Type

  • Dried Algae Meal Or Biomass
  • Oil
  • Softgel
  • Liquid
  • Others

By Application

  • Nutraceuticals
  • Cosmetics
  • Aquaculture And Animal Feed
  • Food
      • Functional Foods and Beverages
      • Other Traditional Food Manufacturing Applications
  • Others

Regional Outlook

Asia Pacific

  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others

Europe

  • Norway
  • Netherlands
  • Sweden
  • United Kingdom
  • France
  • Germany
  • Others

North America

  • United States
  • Canada

Middle East and Africa

  • Turkey
  • Saudi Arabia
  • Iran
  • United Arab Emirates
  • Others

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Others

Questions and Answers About This Report:

Q1. What is the global astaxanthin market growth

  • The global astaxanthin market is expected to grow at a compound annual growth rate of 17.9% from 2023 to 2031 and is expected to reach USD 6.95 billion by 2031.

Q2. What will be the impact of COVID-19 on global astaxanthin market growth

  • Yes. The COVID-19 pandemic is expected to have an impact on the global astaxanthin market, and various healthcare professionals are touting natural astaxanthins as the answer to inhibiting the inflammation of respiratory organs by limiting cytokine secretion in infected patients.

Q3. What are the significant applications of the astaxanthin market

  • Application areas include aquaculture and animal feed, nutraceuticals, cosmetics, and food, among others.

Q4. Who are the key players in the astaxanthin market

  • The global astaxanthin market is highly competitive by nature, characterised by the presence of multiple vendors. The landscape is replete with product launches, strategic acquisitions, and collaborations. Prominent players in the landscape are: BASF SE, Divi’s Laboratories Ltd., Cyanotech Corporation, DSM N.V., Parry Nutraceutical, and JXTG Nippon Oil & Energy Corporation, to name a few.

 

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

 

Frequently Asked Questions